One of the facts of life is that emergency expenses can pop up at any time. Despite even the most careful budgeting, unexpected home, car or family costs can leave you feeling stressed and in need of quick cash.
You may have heard of payday loans, but perhaps you associate them with a busy loan branch in town. But what if you need cash at a time the store isn’t open, like on a weekend or holiday? The good news is that modern lenders have made it easier than ever to apply for a loan 24/7, helping you get that cash faster and get back on your feet financially.
Weekend Payday Loans
A payday loan is a type of short term loan that is given with the intention to be repaid upon your next paycheck. It is kind of like a cash advance up to $1500 on your paycheck, and as it is unsecured it means you won’t need to put down any collateral.
Many Canadians make use of this financial resource to help them stay on top of expenses and cover emergency costs. Modern lenders have made it quicker and easier than ever before to apply for and receive a payday loan, making it a valuable tool for when money gets tight. Apply from home and you may be able to get the money in your account within hours! Hopefully your credit isn't too bad but best to talk a rep about it.
Filling out an application
Traditional loans, like those from a bank or a brick and mortar loan agent, are bound by the opening times of each business. Of course, emergencies don’t respect these schedules!
While at one time you likely would have had to wait in line during regular business hours, you can now apply online for a payday loan 24/7, 365 days a year.
This makes it easier for you to schedule the application into your hectic schedule, and makes it faster to get the much-needed funds. Overall, online payday loans mean you don’t have to worry about the frustration of being bound by restrictive branch hours or in-person crowds.
Finding the right Weekend Payday Lender
Every lender will have slightly different processes, rates and regulations, so it’s a great idea to do your research before signing for a payday loan. Start by doing a search for “payday loans near me”, “weekend payday loans” or “quick cash in Canada”. This will hopefully narrow down your search, and you can explore the options.
Some things to look for in an online lender include:
- A competitive rate. Be aware that each region of Canada will have slightly different loan terms, as will each lender and even each applicant. It can be worth shopping around to make sure you aren’t getting ripped off
- A license. In Canada, all loan agents (both in person and online) need to be authorised. Their licensing information should be easily accessible, or given upon request
- Strong reviews. A reputable lender will have amassed positive reviews, both on their own site and independently. Bad reviews or none at all could be the sign of a loan scam - stay away!
- Clear communication. One advantage of an online loan is that all loan terms and paperwork can be easily sent electronically and examined. If there is any confusion about your contract, terms, or the company itself, refrain from taking out a loan. You should feel even more empowered than an in-person branch, as you have the space and time to read every single detail of the contract, right from your phone or computer
- Customer service. While the loan application process is usually fast and easy, you should look for an agency that is easy to contact if there is any confusion. Whether it is by phone or email, make sure the contact details of the lender are easily accessible and active
Doing the Paperwork
Once you’ve researched online lenders that serve your part of Canada and have found the right one, it’s time to start the process towards getting your money. This looks like:
- Fill out the application form electronically. Include as much information as possible, and remember that we don’t make decisions on factors such as credit score alone.
- Once you finish your application and submit it online, you will be presented with a loan contract upon approval. You can expect this the same day, and usually incredibly quickly (sometimes instantly!)
- Once you’ve examined the fine details of the contract and determined it is to yoru suiting, sign it electronically and return it. This can be done from your phone or laptop - no pesky paperwork
- Once your signed contract is received, the lender will get to transferring your money to your chosen account. This process is much more streamlined than ever before, and often will be transferred within 30 minutes
- Once you have the cash, there are no restrictions on how you use it
- Repayments will automatically come out of your account on the date(s) outlined in your contract, usually on your next payday
Getting Your Funds
Once your loan has been approved and you have electronically returned the signed paperwork, an Interac email transfer will automatically. This means that upon approval, you could have the funds in your account in 5 minutes!